Crescent cancels $27.25 million convertible preferreds financing

By Devika Patel

Knoxville, Tenn., April 1 - Crescent Banking Co. has canceled plans for a $27.25 million private placement of its series B floating-rate cumulative convertible perpetual preferred stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on Jan. 29.

The company sold 27,249 preferreds at $1,000 per share to insiders. The purchase price had been held in escrow.

The company and the purchasers mutually agreed to terminate this agreement and the proceeds have been returned to the investors.

Jasper, Ga.-based Crescent Banking is a bank holding company.

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